There is a similar but different product (without the downside protection). A fund manager can replicate the index with derivatives and overlay their alpha on

There is a similar but different product (without the downside protection). A fund manager can replicate the index with derivatives and overlay their alpha on top of it. Google “alpha overlay” or “portable alpha” for more info. These types of products were more popular about 10-15 years ago. Firms typically charge just for the alpha for these strategies. You are asking for the manager to sell you an option.